Ping An block used to unwind short position

Cheng Yu Tung reduces his stake in Ping An Insurance to just 2.4% of the H-share capital after a $998 million block trade and at least two transactions where he used his remaining shares to cover short positions.

Disclosure filings made to the Hong Kong stock exchange on Monday confirmed that Jinjun, which is owned by Hong Kong tycoon Cheng Yu Tung through his Chow Tai Fook Nominee investment company, was the seller of the HK$7.78 billion $998 million worth of Ping An Insurance shares that went through the market on Wednesday morning last week.

The transaction, which comprised part of the shares that Jinjun bought through a private placement in March...